Year: 2016
Type: preprint
Abstract: The last year Report of the Five Presidents highlighted the necessity of progress\nin the EU in four directions: achieving “a genuine Economic Union, (…) a Financial\nUnion, (…) a Fiscal Union, (and) a Political Union”. The associated roadmap\nfor completing the EMU includes a greater focus on employment, a better\nimplementation of the Macroeconomic Imbalance Procedure, a better assessment\nof fiscal stance and fiscal sustainability, the completion of the Banking\nUnion and the launch of a Capital Markets Union. They thus pointed to a very\nlarge set of ambitions which renewed the debate about the consistency of\nexisting 6-pack, 2-pack and Fiscal compact, which were mainly related to fiscal\nand competitiveness issues.\nThis roadmap raises an important question: is it possible within the given institutional\nsetting to close the unemployment gap (the difference between actual\nand natural rates of unemployment), that is to say increase the “well-being of\nthe peoples” (Art. 3 TEU) in a sustainable way, achieve public finance sustainability,\nreduce macro imbalances, and ensure the liquidity and solvency of\nfinancial institutions and other objectives at the same moment?
Authors: Georg Feigl, Markus Marterbauer, Miriam Rehm, Matthias Schnetzer, Sepp Zuckerstätter, Lars Nørvang Andersen, Thea Nissen, Signe Dahl, Peter Hohlfeld, Benjamin Lojak, Thomas Theobald, Achim Truger, Andrew Watt, Guillaume Allègre, Céline Antonin, Christophe Blot, Jérôme Creel, Bruno Ducoudré, Paul Hubert, Sabine Lebayon, Sandrine Levasseur, Hélène Périvier, Raul Sampognaro, Aurélien Saussay, Vincent Touzé, Sébastien Villemot, Xavier Timbeau
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2895886145